CLU back on agenda for Massey

Massey University will start offering CLU papers again from next year – provided there is enough interest.

For many years, it had been a contentious issue as the number of people completing the CLU qualification was low. There are only about 50 advisers with CLU in New Zealand.

But now, after negotiations with Financial Advice New Zealand, the qualification will return for 2019 if there are enough expressions of interest received.

The CLU mark is the pinnacle standard for insurance advisers, on a level similar to the CFP for investment advisers and financial planners.

But former Institute of Financial Advisers chief executive Fred Dodds questioned whether there would be demand.

“Most would have to go and do a level five diploma first. It’s never really been an aspiration that’s been chased by risk advisers."

Most of the people who had achieved CLU had done so under a different regime, he said.

“It’s fine to reintroduce the papers but it’s enrolments that will tell the story.”

He said at the moment the 4000 RFAs who needed to do level five would be focused on doing so before the new regime came into effect, requiring a diploma for all financial advisers. “That will occupy the mind for the next couple of years.”

Financial Advice New Zealand is also launching a Quality Service Mark for its members and Dodds said many advisers might prefer that as the option to set them apart and highlight their professionalism.

“I think it’s great to have the qualification there but at the moment I think getting to level five and through licensing will occupy people’s minds and you have the quality service mark coming out in the middle. If people are choosing between CLU and the quality service mark, they might go for the quality service mark.”

But Rod Severn, incoming chief executive of ProfessionalIQ said it was a good move. He said there seemed to be latent demand for the qualification.

Adviser Peter Leitch said he admired anyone doing continuing education “irrespective of what it is – either within the industry, or outside of it”.

Comments from our readers

Count me in - pleased to see it coming back - Chartered Life Underwriter CLU

On 7 December 2018 at 8:04 pm JPHale said:

I'm interested too, though getting through the latest changes with licensing will be the priority.

I think most RFA advisers will be in a similar space, we still don't know what the rules are, we need to digest them first, and then make decisions from there.

While it is great Financial Advice New Zealand have put this back on the table, I sincerely hope it's for the genuine purpose of providing ongoing development. The cynic in me also asks have they poked this out at the likely least inopportune time to 'prove' there aren't the numbers desiring the qualification?

On 12 December 2018 at 9:31 am Referee said:

I'm delighted Massey has elected to do this. The initial efforts of Denis Sampson and others bringing it here from the US was unique and as well as inspirational. A huge amount of work went into the development of the CLU here before it was recognized as an equal to that established by the American College. As stated, the CLU is the professional marker for insurance advisers in both the USA and NZ.

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